The TRUMP altcoin has been locked in a month-long downtrend, struggling to break past the key resistance level of $17.14 despite increased media attention surrounding Donald Trump’s crypto-related statements. However, with growing investor optimism and the upcoming White House Crypto Summit on March 7, TRUMP’s price could be poised for a breakout.
TRUMP Sees Strong Inflows as Sentiment Improves
The Chaikin Money Flow (CMF) indicator signals a bullish outlook for TRUMP, currently showing a reading above the zero line, indicating stronger inflows than outflows. This suggests investor confidence remains intact, with many looking to capitalize on potential price surges leading up to the crypto policy summit.
With speculation around potential regulatory discussions at the summit, traders are accumulating TRUMP at lower levels, anticipating a price rebound. Historically, major crypto events and policy shifts have triggered altcoin rallies, making this an important moment for TRUMP’s price action.
Bitcoin Correlation Could Boost TRUMP’s Price
TRUMP shares a 0.86 correlation with Bitcoin (BTC), suggesting that TRUMP’s price movement is closely tied to BTC’s trajectory. If Bitcoin rallies ahead of the White House Crypto Summit due to market-wide optimism, TRUMP could follow suit and break out of its prolonged downtrend.
Given BTC’s influence on the broader crypto market, a sustained uptrend in Bitcoin’s price could push TRUMP higher, especially if regulatory clarity or favorable policies emerge from the summit.
Key Resistance Levels and Breakout Potential
TRUMP is currently trading at $13.38, maintaining support above $12.41. The critical test for a bullish breakout remains the $17.14 resistance level. A successful breach could trigger a 27% rally, sending TRUMP toward its next target of $21.45, marking a major recovery.
However, if TRUMP fails to break out and market sentiment weakens, the altcoin could drop below $12.41, potentially revisiting its all-time low (ATL) of $11.07 or even lower, invalidating bullish momentum.
